Austin, Texas, April 26, 2010 – SolarBridge Technologies, the leading developer of module-integrated microinverter solutions that reduce the Levelized Cost of Energy in solar installations, announced that it has secured $15 million in series B funding. The company has raised more than $27 million to date.
Rho Ventures, a new investor in the company, led the financing round. Battery Ventures, which led series A funding, also participated in series B.
The funds will enable SolarBridge to finalize testing and certification, deploy additional beta sites and ramp up production. They will also be used to expand its operations, sales and marketing teams.
“I am very pleased that SolarBridge’s innovative, module-integrated microinverter attracted both new and previous investors to this up round of funding. The interest that our integral, alternating current photovoltaic solution and monitoring system has generated in the investment community is a direct reflection of the significant opportunity we have in the solar market,” said Ron Van Dell, president and CEO, SolarBridge. “Our microinverter will dramatically reduce the LCOE for solar installations by improving system reliability, increasing energy production and simplifying the installation process.”
With the closing of the series B funding, SolarBridge adds Joshua Ruch, managing partner and co-founder of Rho Ventures, to its board of directors.
“SolarBridge has a proven management team with extensive experience in developing and commercializing power electronics, one of our firm’s core investment sectors,” commented Ruch. “SolarBridge’s solution is unrivaled by anything else we have seen. We are very confident in the company’s ability to ramp to volume production and quickly grow revenue with this fundamentally disruptive solar technology.”
Founded in 2004, SolarBridge Technologies develops module-integrated microinverter solutions that reduce the Levelized Cost of Energy (LCOE) for solar installations by dramatically improving reliability, increasing energy production and simplifying installation. The company’s comprehensive integral ACPV solution features patented technologies that dramatically improve the reliability of PV inverters, historically the most common failure point of solar installations. The company is headquartered in Austin, Texas and has an R&D center in Champaign, Il.